Reps urges SEC, FRC to reconcile alleged unremitted funds

The House of Representative Public Accounts Committee has mandated the Securities and Exchange Commission (SEC) and the Fiscal Responsibility Commission (FRC) to amicably settle the differences on the alleged non-remittance of over N45 billion to the Consolidated Revenue Fund. Chairman of the Committee, Bamidele Salam gave the directive on Monday in Abuja during the Committee’s […]

The House of Representative Public Accounts Committee has mandated the Securities and Exchange Commission (SEC) and the Fiscal Responsibility Commission (FRC) to amicably settle the differences on the alleged non-remittance of over N45 billion to the Consolidated Revenue Fund.

Chairman of the Committee, Bamidele Salam gave the directive on Monday in Abuja during the Committee’s public hearing on leakages of government revenue.

The FRC had alleged the SEC did not respond to its report issued in 2022 where N45b unremitted operating surplus was recorded against the Commission from 2007 to 2021.

The Director General of SEC, Lamido Yuguda, while reacting to the allegation, said the Commission had reconciled its operating surplus with the office of the Accountant General of the Federation.

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“I think if the FRC had actually done a little more work, they would have seen from the OAGF all the efforts that we have made to reconcile the surplus figures from 2007 when FRSC came into being, “the Director General told the Committee.

A review of the documents submitted by the SEC to the Committee reveals that they have actually made all submissions and payments and this was corroborated by the representative of the Office of the Account General of the Federation who also informed the Committee of the regular reconciliation exercise between it and SEC.